With the world economy in turmoil, the domestic sector has now become a lucrative market for Philippine-based manufacturers and exporters, according to the Philippine Exporters Confederation (Philexport).
Philexport president Sergio Ortiz-Luis said among the markets that offer opportunities are house construction, food products, and tourism.
“For one, Filipinos are in love with Christmas that consumer spending for the holidays happens all year-round, with the peak period registered in the last quarter every year,” Ortiz-Luis said.
The real estate boom, on the other hand, “provides opportunities for the furniture and furnishings sector which has the capacity to supply low- to high-end pieces that fit institutional sales or specialty stores.”
An increase in demand for basic gourmet and healthy food products is also expected considering the food consumption volume of Filipinos, Ortiz-Luis noted.
With remittances by overseas Filipino workers projected to reach $18 billion this year, the retail sector for food, non-food, and services can likewise look forward to even better days ahead, he said.
Finally, Ortiz-Luis noted that the tourism sector could play a crucial role in boosting the services sector.
The high demand for goods and services by the domestic market was in evidence recently at the Manila FAME International trade show. Philexport vice president for promotion Leonor Abella said exhibitors from Pampanga, Cebu, and Manila who participated in the fair were surprised at the big orders placed by domestic institutional buyers.
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